Interim Results 2014/15 · 2019-06-11 · Presentation slides are available on 26 January 2015...

B.

合和公路基建有限公司

Stock Codes: 737 (HKD counter) & 80737 (RMB counter)

HOPEWELL HIGHWAY INFRASTRUCTURE LTDHOPEWELL HIGHWAY INFRASTRUCTURE LTD

2014/15 財政年度中期業績

Presentation slides are available on www.hopewellhighway.com

26 January 2015

2014/15Interim Results

B.2

Group Messages 集團信息

Western Delta Route’s EBITDA↑11% yoy and targeted to achieve profit breakeven in 2HFY15. It will benefit from PBOC lending rate cut西岸幹道的除利息、稅項、折舊及攤銷前溢利較去年同期上升11%；目標在2015財政年度下半年達到收支平衡。將受惠於中國人民銀行下調貸款息率

Application for Phase II West’s registered capital increase is in process. First tranche was approved in Jan 2015. HHI will receive RMB682m shareholder’s loan repayment from JV 西綫II期增加註冊資本的申請正在處理中。首筆申請已在2015年1月獲得批准。合和公路基建將收到合營企業償還的股東貸款人民幣6.82億元

GS’ average daily toll revenue has stabilised at ~RMB8.9m (2013 level). The Company believes diversion impact from full opening of Coastal Expressway has fully been realised廣深高速的日均路費收入已穩定在約人民幣890萬元 (2013年的水平)。公司相信受沿江高速全線開通所造成分流的影響已全面浮現

Further capex not more than RMB44m. It is sufficiently funded by HHI’s solid financial position進一步的資本開支將不多於人民幣4,400萬元。合和公路基建穩健的財務實力足以應付

The Company believes HHI’s net profit will bottom out in FY15公司相信合和公路基建的淨溢利將在2015財政年度見底

B.3

Results Highlights業績摘要

2013 2014RMB'm RMB'm

Net toll revenue淨路費收入

1,011 988 -2%

•

•

GS↓6% to RMB739m due to full opening ofCoastal Expy in Dec 2013WDR: Phase I↑6% to RMB48m Phase II↑9% to RMB152m Phase III↑33% to RMB49m

EBITDA of toll expressways收費高速公路除利息、稅項、折舊及攤銷前溢利

852 800 -6%••

GS↓11% to RMB603m offsetWDR: Phase I↑3% to RMB36m Phase II↑11% to RMB127m Phase III↑16% to RMB34m

Net profit of toll expressways收費高速公路淨溢利

285 247 -13%•

•

GS' net profit↓15% to RMB270m due to-↓Toll revenue & ↑Opex (mainly staff cost)Phase III West net loss RMB50m

Corporate profit/(loss)(before net exchange gain)公司層面溢利／(虧損) (不計及匯兌收益淨額)

14 13 -7%• ↓Net interest income

- Repaid RMB600m corporate bond in May-14 →↓deposits & interest income offset↓interest cost

Net exchange gain匯兌收益淨額

18 6 -67% • RMB appreciated slightly by 0.5% in 1HFY15vs 3% in 1HFY14

Profit attributable to owners of theCompany公司股東應佔溢利

311 261 -16%

For the six months 31-Dec截至12月31日止六個月

%change變動

Major reasons

B.4

HHI Results 合和公路基建業績(RMB’M) (人民幣百萬元)

For the six months ended 31-Dec 截至12月31日止六個月 2013 2014 2013 2014 2013 2014 2013 2014

GS SuperhighwayN1 廣深高速公路 790 739 674 603 472 404 316 270

Western Delta Route 西岸幹道 221 249 178 197 111 119 (31) (23) Phase I West 西綫 I 期 45 48 35 36 26 27 18 19 Phase II West 西綫 II 期 139 152 114 127 74 80 1 8

Phase III West N2 西綫 III 期 37 49 29 34 11 12 (50) (50)

Sub-total 小計 1,011 988 852 800 583 523 285 247-2% -6% -10% -13%

Corporate results: 公司層面業績： Bank deposits interest income 銀行存款利息收入 23 17 Shareholder's loan Interest income 股東貸款利息收入 32 32 Other income 其他收入 1 1 General and administrative expenses 一般及行政費用 (19) (18) Finance costs 財務成本 (18) (14) Income tax expenses 所得稅開支 (5) (5)Sub-total 小計 14 13

Net exchange gain 匯兌收益淨額 18 6Profit for the period 本期溢利 317 266

Minority interests 少數股東權益應佔溢利 (6) (5)

Profit attributable to owners of the Company 公司股東應佔溢利 311 261-16%

Net Toll Revenue淨路費收入

EBIT除利息及稅項前溢利

EBITDA除利息、稅項、折舊及

攤銷前溢利

Results業績

N1: Excl. exchange differences from USD & HKD loans and related taxGS was subject to impact from Coastal Expressway which fully opened in Dec 2013

N2: Phase III West opened on 25 Jan 2013

B.5

Financial Highlights財務摘要

EPS每股溢利

RMB cents 10.09 8.48 -16%

RMB cents 9.80 8.40HKD cents 12.4590 10.6376

% change變動

2013 2014

DPS - Interim每股中期股息

For the six months ended 31-Dec截至12月31日止六個月

N1

(declared on 5-Jan-15)N1: Based on PBOC exchange rate RMB1 = HK$1.26638 (5 Jan 2015)

Declared dividend in RMB, with the option to receive dividends in RMB or HKD or combination of RMB and HKD以人民幣宣派股息，並提供以人民幣或港幣或以人民幣結合港幣的組合收取股息的選擇

B.

HHI Dividend History合和公路基建的股息往績

Target around 100% dividend payout ratio on full-year basis, in light of HHI’s strong financial position 合和公路基建的財政穩健，目標派息比率按全年計約100%

Around 100% target dividend payout sustainable約100%的目標派息比率可持續

N1: FY13 payout ratio excluded special dividend

FY11 FY12 FY13 FY14 FY15

Regular DividendPayout Ratio 98.9% 98.4% 97.5% 99.8% 99.1%

16.0 18.0 10.0 9.8 8.4

18.0 16.0

9.0 8.1

10.0 0

10

20

30

40

50 Special Final DividendFinal DividendInterim Dividend

HK34.0 HK34.0

RMB19.0 RMB17.9

Regular:

RMB8.4

N1

HHI Dividend(HK cent / RMB cent per share)

中期股息

特別末期股息

末期股息

6

B.7

PBOC lending rate cut announced in Nov 2014 will benefit WDR在2014年11月中國人民銀行宣布下調貸款息率，將有利於西岸幹道

Lower interest expense by RMB0.5m (FY15) & RMB13.2m (FY16) (HHI’s share) 合和公路基建分佔的利息支出將減少人民幣50萬元 (2015財年) 及人民幣1,320萬元 (2016財年)

As at 31 Dec 2014, net cash on hand at HHI corporate level (ex-JVs) and shareholder’s loan receivable from Phase II West amounted to RMB1,219m 於2014年12月31日，合和公路基建公司層面之手頭淨現金 (不包括合營企業) 和應收西綫 II 期的股東貸款為人民幣12.19億元

Further capex needed only RMB44m. It is sufficiently funded by HHI’s solid financial position 進一步的資本開支將不多於人民幣4,400萬元。合和公路基建穩健的財務實力足以應付

Solid Financial Position財政狀況穩健

B.8

Phase II West’s New Financial Plan (subject to approval)西綫II期的新財務計劃 (有待審批)

* Based on the current planning and subject to the approvals of the relevant PRC authoritiesUnder new capital regulation, application to increase investment in Phase II West has been delegated to be approved at the provincial level instead of the national level

*

Phase II West's New Financial Plan (In stages)

(JV level) RMB'm (JV level) RMB'm

HHI Shareholder's loan 1,000 HHI's new registered capital 318 320 PRC partner's new registered capital 318

New project bank loans 663 Cash balance 21

1,320 1,320

Before After

Outstanding project payments

Phase II West will increase registered capital西綫II期將增加註冊資本 Application in process

申請正在處理中

1st tranche approved in Jan 2015: RMB212m out of RMB636m (HHI:PRC partner 50:50)首筆申請已在2015年1月獲得批准：增加註冊資本人民幣6.36億元當中的人民幣2.12億元 (合和公路基建及中國合營企業夥伴按50:50比例)

Target completion mid-2015 (subject to approval)預計在2015年中完成 (有待審批)

Benefits HHI and JV:有利合和公路基建及合營企業：

Helps improve HHI’s liquidity – HHI will receive RMB682m shareholder’s loan repayment from JV 有助改善合和公路基建的流動性 ─ 合和公路基建將收到合營企業償還的股東貸款人民幣6.82億元

JV’s financial position will improve將有助改善合營企業的財政狀況

HHI no longer needs to inject shareholder’s loan into JV合和公路基建無需再投入股東貸款予合營企業

Shareholder’s loan

repayment to HHI

RMB682m

B.9

Cash and Debt: HHI Corporate Level vs Share of JV 現金和債務: 合和公路基建公司層面與分佔合營企業

N1: The Company’s shareholder’s loan was made to the West Route JV for Phase II West as interim financing due to inability of the West Route JV to borrow from PRC banks for Phase II West before the official approval for its increased investment

N2: Net cash is defined as bank balances and cash less corporate debtN3: Including bank loans and the shareholder’s loan to Phase II West shared by the Group

HHI Corporate Level As at 31 Dec 2014RMB'm RMB'm

Bank balances and cash andshareholder's loans to JV company Corporate debt - Bank balances and cash 1,175 - RMB bank loan 500 - Company's shareholder's loan 1,000 - HKD bank loan 456 to JV companyN1

2,175 956

Share of JV Companies As at 31 Dec 2014RMB'm RMB'm

Bank balances and cash Bank loans and shareholder's loanN3

- Bank balances and cash 270 - GS Superhighway 1,472 - Western Delta Route 4,517 Phase I West 298

Phase II West 2,306 Phase III West 1,913

270 5,989

Net cash : RMB219 millionNet cash and the Company's shareholder's loan to JV company: RMB1,219 million

Net debt: RMB5,719 million

N2

Solid financial position at HHI corporate level 合和公路基建公司層面的財務狀況穩健 Project loans: non-recourse to HHI 項目貸款：對合和公路基建並無追索權

USD loan:equiv. of

RMB1,301m

B.

Operation Highlights: GS Superhighway- Coastal Expressway fully opened (89km) since 28 Dec 2013*營運摘要：廣深高速 - 沿江高速自2013年12月28日全線通車(89公里)

GS’ average daily toll revenue has stabilised at around RMB8.9m (2013 level)廣深高速的日均路費收入已穩定在約人民幣890萬元 (2013年的水平)

The Company believes diversion impact has fully been realised公司相信分流的影響已全面浮現

10* 18km of Coastal Expressway resumed tolling starting 1 Aug 2014 (Toll-free since full opening of Coastal Expressway on 28 Dec 2013)

GS Average Daily Toll Revenue (2014 vs 2013)(RMB ‘000)

Mar Jun Jul Aug Nov Dec

20122013 9,228 9,023 9,371 9,440 9,592 9,4922014 8,657 8,438 8,857 9,046 8,903 8,933

yoy change -6% -6% -5% -4% -7% -6%

9,1478,7178,017

-8%

8,0557,770

-4%

8,5958,069

-6%

Yearly(Lunar New Year) (Labour Holiday) (National Holiday)

Jan + Feb Apr + May Sep + Oct

8,9138,384

Average

6,000

7,000

8,000

9,000

10,000

20132014

(GZ N. Ring Rd closure)

B.11

Operation Highlights: GS Superhighway– Average Daily Full-Length Equivalent Traffic營運摘要：廣深高速 - 日均折合全程車流量

Average daily full-length equivalent traffic 7% yoy in 1HFY15 2015財政年度上半年的日均折合全程車流量較去年同期下跌7%

Mainly due to full opening of Coastal Expressway 主要受沿江高速全線開通的影響

Total distance travelled by all vehicles on the expresswayFull length of the expressway X no. of days in the review period* =

9096

0

20

40

60

80

100

1HFY14 1HFY15

GS – Avg Daily Full-Length Equivalent Traffic*(No. of vehicle ‘000)

7%

B.12

Operation Highlights: GS Superhighway營運摘要：廣深高速

The market comprising GS and Coastal Expressway grew around 13%* since Coastal Expressway fully opened 28 Dec 2013 自2013年12月28日沿江高速全線開通後，綜合廣深高速和沿江高速的整體市場增長約13%

GS / Coastal Expressway: Average Daily Toll Revenue (Monthly)(RMB ‘000)

* Based on average daily toll revenue

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2014 GS Superhighway+Coastal Expressway2014 GS Superhighway2013 GS Superhighway

B.13

Operation Highlights: Western Delta Route (“WDR”) 營運摘要：西岸幹道

WDR’s average daily toll revenue 13% yoy to RMB2.8m in 1HFY152015財政年度上半年，西岸幹道的日均路費收入較去年同期上升13%至人民幣280萬元

WDR’s EBITDA 11% yoy to RMB197m西岸幹道的除利息、稅項、折舊及攤銷前溢利較去年同期上升11%至人民幣1.97億元

Target to achieve profit breakeven in 2HFY15 when average daily toll revenue reaches RMB3.2m for a full month 目標在2015財政年度下半年達到收支平衡，當整個月的日均路費收入達到人民幣320萬元

Phase II West net profit rose to RMB8m in 1HFY15 (1HFY14: RMB1m)西綫 II 期2015財政年度上半年的淨溢利上升至人民幣800萬元 (2014財政年度上半年：人民幣100萬元)

Phase III West EBITDA 16% to RMB34m in 1HFY15西綫 III期2015財政年度上半年的除利息、稅項、折舊及攤銷前溢利上升16%至人民幣3,400萬元

Target operating cash flow breakeven (after interest expense payments) in FY16 目標在2016財政年度錄得營運現金流收支平衡 (計及利息支出)

When average daily toll revenue reaches RMB900k當日均路費收入達人民幣90萬元

B.14

The Company believes HHI’s net profit will bottom out in FY15公司相信合和公路基建的淨溢利將在2015財政年度見底

Average daily toll revenue of GS has stabilised at ~RMB8.9m (2013 level)廣深高速的日均路費收入已穩定在約人民幣890萬元 (2013年的水平)

WDR’s healthy toll revenue growth and targets to achieve profit breakeven in 2HFY15西岸幹道的路費收入穩健增長，並目標在2015財政年度下半年達到收支平衡

PBOC lending rate cut in Nov 2014 will benefit WDR在2014年11月中國人民銀行宣布下調貸款息率，將有利於西岸幹道

Prospects展望

Net Profit (50% HHI Level)RMB'M 1H 2H Total Positive factorsFY14WDR (31) (25) (56)

Phase I West (opened Apr-04) 18 15 33Phase II West (opened Jun-10) 1 7 8Phase III West (opened Jan-13) (50) (47) (97)

FY15WDR (23)

Phase I West 19Phase II West 8Phase III West (50)

FY16i) WDR's net toll revenue growthii) PBOC lending rate cut: ↓RMB13.2minterest expense

i) WDR's net toll revenue growthii) PBOC lending rate cut: ↓RMB0.5minterest expense

(one-off expense RMB5m for finalising project cost)

Target profit breakeven

B.15

Class 1 small cars contributed over 50% toll revenue to each project 一類小車對各項目路費收入的貢獻均超過50%

57.8% 60.3% 61.5% 59.7% 61.0%

2.2% 3.1% 3.3% 3.1% 3.0%23.0% 21.7% 20.6% 22.3% 20.8%3.7% 2.9% 3.1% 3.0% 2.7%

13.3% 11.9% 11.4% 11.9% 12.4%

0%

20%

40%

60%

80%

100%Class 5

Class 4

Class 3

Class 2

Class 1

GS WDR Phase I West Phase II West Phase III West

1HFY15 Toll Revenue Contribution

Operation Highlights: Toll Expressways營運摘要：收費高速公路

Continue to benefit from the robust growth of PRC’s car sales持續受惠於中國汽車銷售的強勁增長

China sold 23.5m vehicles in 2014 (mainly driven by passenger cars), 7% yoy2014年中國的汽車銷售量2,350萬輛 (主要來自乘用客車)；按年增長7%

B.16

Guangdong’s Strong Demand for Toll Roads廣東對收費高速公路的強大需求

Guangdong’s growth in toll road demand almost doubled that of supply廣東收費公路的需求增長差不多是供應量的一倍

Statistics in Guangdong, 2009-2013 CAGR (%) 廣東省的統計數據：複合年均增長率

Car ownership汽車擁有量

Passenger transport distance

by highways公路旅客周轉量

Freight transport distance

by highways公路貨物周轉量

16% 17% 17%

9%Expressway

Length高速公路的長度

Toll Road Demand > Toll Road Supply

2013: 11.8m vehicles 278b passenger-km 287b ton-km 5,703km

B.17

Average Daily Traffic日均車流量

1HFY15 aggregate average daily traffic of GS and WDR* 1% to 599k vehicles在2015財政年度上半年，廣深高速和西岸幹道的合計日均車流量上升1%至59.9萬架次

599590

0

100

200

300

400

500

600

700

1HFY14 1HFY15

1%

GS & WDR Aggregate Average Daily Traffic(No. of vehicles ‘000)

WDR Average Daily Traffic*(No. of vehicles ‘000)

Phase I West(‘000)

140125

0

50

100

150

200

1HFY14 1HFY15

12%

* WDR’s traffic figure was smaller than the sum of Phases I, II and III West as each vehicle which travelled across different phases was counted as one vehicle

5348

0

50

100

150

200

1H FY14 1H FY15

11299

0

50

100

150

200

1H FY14 1H FY15

2519

0

50

100

150

200

1H FY14 1H FY15

Phase II West(‘000)

Phase III West(‘000)

10%

14%

32%

GS Average Daily Traffic(No. of vehicles ‘000)

459465

0100200300400500

1HFY14 1HFY15

1%

B.18

Average Daily Toll日均路費收入

1HFY15 aggregate average daily toll of GS and WDR 2% to RMB11.4m 在2015財政年度上半年，廣深高速和西岸幹道的合計日均路費收入下跌2%至人民幣1,140萬元

11,41111,693

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

1HFY14 1HFY15

2%

GS & WDR Aggregate Average Daily Toll(RMB ‘000)

WDR Average Daily Toll(RMB ‘000)

Phase I West(RMB‘000)

2,7812,472

0

1,000

2,000

3,000

4,000

1HFY14 1HFY15

13%

532500

0

1,000

2,000

3,000

4,000

1H FY14 1H FY15

Phase II West(RMB‘000)

Phase III West(RMB‘000)

6%

GS Average Daily Toll(RMB ‘000)

8,6319,222

02,0004,0006,0008,000

10,000

1HFY14 1HFY15

6%

546411

0

1,000

2,000

3,000

4,000

1H FY14 1H FY150

1,000

2,000

3,000

4,000

1H FY14 1H FY15

1,560 1,702

9%

33%

B.19

GS Superhighway廣深高速公路

1HY14 1HFY15 changeAvg. Daily Traffic 465k 459k ↓1%

1HFY14 1HFY15 changeAvg. Daily Toll (RMB) 9,222k 8,631k ↓6%

GS – Average Daily Traffic# (no. of tickets)(No. of vehicles ‘000)

GS – Average Daily Toll Revenue(RMB ‘000)

250

300

350

400

450

500

JanFebMarAprMayJun JulAugSepOctNovDec

2014

2013

2012

2011

2010

6,000

7,000

8,000

9,000

10,000

11,000

JanFebMarAprMayJun Jul AugSepOctNovDec

2014

2013

2012

2011

2010

N1

N2

N3

N1

N2

N3

N4N4

N5N5

N5N5

N5

N5N5

N5

N5

N5

N5

N5

N5

# Excludes toll-free traffic

N1: Chinese New Year in 2014 started on 31 Jan 2014 (2013 started on 10 Feb 2013)N2: 2010 Traffic restriction for Asian Games in Guangzhou (Nov 2010) N3: 2011 Traffic restriction for Summer Universiade in Shenzhen (Aug 2011)N4: Tariff cut became effective on 1 Jun 2012N5: Holiday Toll-free Policy was implemented for 21 days in FY13, 20 days in FY14, 7 days in 1HFY15N6: Guangzhou Northern Ring Road (westbound) closed for maintenance work from 10 Sep 2014 to 24 Oct 2014, traffic diversion measures have been implemented by

police from Huocun to Guangdan section during the period

N6

N6N6

N6

B.20

GS Superhighway – Classes 1, 4 and 5 Toll 廣深高速公路: 一、四及五類車的路費收入

Class 1 toll 5% yoy and Classes 4 & 5 toll 4% yoy in 1HFY15 mainly due to full opening of Coastal Expressway 2015財政年度上半年的一類車、四及五頖車的路費收入較去年同期分別下跌5%和4%，主要由於沿江高速公路全線開通

Class 1 contributed 57.8% of GS’ toll revenue (1HFY14: 57.2%) 一類車佔廣深高速路費收入57.8% (2014財政年度上半年：57.2%)

5,242 4,930 4,969

5,273 4,984

0

1,000

2,000

3,000

4,000

5,000

6,000

FY12 FY13 FY14 1HFY14 1HFY15

^ Holiday Toll-free Policy implemented for 21 days in FY13, 20 days in FY14, 7 days in 1HFY15

1,562 1,382 1,408

1,531 1,468

0

500

1,000

1,500

2,000


Class 1 – Avg Daily Toll Revenue (FY12-1HFY15)(RMB ‘000)

Classes 4&5 – Avg Daily Toll Revenue (FY12-1HFY15)(RMB ‘000)Holiday Toll-free

Policy^

Tariff cut starting 1 Jun 2012

Coastal Expy fully opened 28 Dec 2013

Coastal Expy fully opened 28 Dec 2013

B.21

1HFY14 1HFY15 changeAvg. Daily Traffic 125k 140k ↑12%

1HFY14 1HFY15 changeAvg. Daily Toll (RMB) 2,472k 2,781k ↑13%

WDR – Average Daily Traffic# (no. of tickets)(No. of vehicles ‘000)

WDR – Average Daily Toll Revenue(RMB ‘000)

# Excludes toll-free traffic and traffic figure was smaller than the sum of Phases I, II and III West as each vehicle which travelled across different phases was counted as one vehicle under the traffic for Western Delta Route

N1: Chinese New Year in 2014 started on 31 Jan 2014 (2013 started on 10 Feb 2013)N2: Phase II West commenced operation on 25 Jun 2010N3: Phase III West commenced operation on 25 Jan 2013N4: Holiday Toll-free Policy was implemented for 21 days in FY13, 20 days in FY14, 7 days in 1HFY15

0

20

40

60

80

100

120

140

160


20142013201220112010

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Jan FebMarAprMayJun Jul AugSep OctNovDec

20142013201220112010

N1

N2

N4N4

N4

N3 N4 N4N1

N2

N4N4

N4

N3N4 N4

N4

N4N4

N4

Traffic and toll revenue grew healthily車流量和路費收入均穩健增長

Western Delta Route (Phases I, II and III West)西岸幹道 (西綫I、II及III期)

B.22

Western Delta Route (Phases I, II & III West)– Profitability Study 西岸幹道 (西綫I、II和III期): 盈利能力研究

Maintain positive operating cash flow (after interest expense payments) after Phase III West opened in 2HFY13 西綫III期在2013財政年度下半年開通後，西岸幹道保持正營運現金流 (計及利息支出)

Target profit breakeven in 2HFY15 目標在2015財政年度下半年達到收支平衡

When average daily toll revenue reaches RMB3.2m for a full month 當整個月的日均路費收入達人民幣320萬元

Daily toll revenue exceeded RMB3.2m for several days in 2014 在2014年已有數天的路費收入超過人民幣320萬元

11.9

10.4

13.2 13.7

5.3

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

WDR WDR* Phase IWest*

Phase IIWest*

Phase IIIWest*

Act

ual

Act

ual

Prof

it br

eake

ven

Act

ual

(Target:2HFY15)

(1HFY15) (1HFY15) (1HFY15) (1HFY15)

Act

ual

Annual Toll Revenue per km 全年每公里路費收入(RMB’m)

= Avg. daily toll RMB2.8m

= Avg. daily toll RMB3.2m

* Annualised figure

B.23

Western Delta Route (Phases I, II and III West)– Daily Toll Revenue西岸幹道 (西綫I、II及III期): 每日路費收入

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400

3,600

3,800

Jan-

2013

Feb-

2013

Mar

-201

3

Apr

-201

3

May

-201

3

Jun-

2013

Jul-2

013

Aug

-201

3

Sep-

2013

Oct

-201

3

Nov

-201

3

Dec

-201

3

Jan-

2014

Feb-

2014

Mar

-201

4

Apr

-201

4

May

-201

4

Jun-

2014

Jul-2

014

Aug

-201

4

Sep-

2014

Oct

-201

4

Nov

-201

4

Dec

-201

4

Jan-

2015

Daily Toll RevenueRMB'000

3,200

Note: Data from 25 Jan 2013 (when Phase III West commenced operation); Holiday Toll-free Policy was implemented during 9-15 Feb 2013, 4-6 Apr 2013,29 Apr-1 May 2013, 1-7 Oct 2013, 31 Jan-6 Feb 2014, 5-7 Apr 2014, 1-3 May 2014, 1-7 Oct 2014

Profit breakeven level

3,000

B.24

Phase I West西綫I期

Steady growth in traffic and toll revenue車流量和路費收入均穩健增長

Class 1 continued to grow (contributed 74.4% of Phase I West’s traffic)一類車持續增長 (佔西綫 I 期車流量的74.4%)


1HFY14 1HFY15 changeAvg. Daily Toll (RMB) 500k 532k ↑6%

Phase I West – Avg. Daily Traffic# (no. of tickets)(No. of vehicles ‘000)

Phase I West – Average Daily Toll Revenue(RMB ‘000)

# Excludes toll-free trafficN1: Chinese New Year in 2014 started on 31 Jan 2014 (2013 started on 10 Feb 2013)N2: 2010 Traffic restriction for Asian Games in Guangzhou (Nov 2010)N3: Phase II West commenced operation on 25 Jun 2010N4: Traffic restriction for Yajisha Bridge on ESW Ring Road maintenance Jan10-Dec11 (intensified since mid Jul 2011)N5: Holiday Toll-free Policy was implemented for 21 days in FY13, 20 days in FY14, 7 days in 1HFY15N6: Guangzhou Northern Ring Road (westbound) closed for maintenance work from 10 Sep 2014 to 24 Oct 2014, traffic entering Nanya station of the Western Delta Route

has been reduced during the period

300

350

400

450

500

550

600

Jan Feb Mar AprMayJun Jul AugSep Oct NovDec

2014

2013

2012

2011

2010

20

25

30

35

40

45

50

55

60

Jan Feb Mar Apr MayJun Jul AugSep Oct NovDec

2014

2013

2012

2011

2010

N1

N2N3

N4

N2

N3N5N4

N5

N5

N1

N5N5

N5N5

N5

N5

N5

N5N5N5

N5

N6

N6

N6

N6

B.25

Traffic and toll revenue continued to grow healthily 車流量及路費收入持續穩健的增長

Class 1 strong growth (contributed 76.4% of Phase II West’s traffic)一類車增長強勁 (佔西綫 II 期的車流量76.4%)

Phase II West西綫II期


1HFY14 1HFY15 changeAvg. Daily Toll (RMB) 1,560k 1,702k ↑9%

Phase II West – Avg. Daily Traffic# (no. of tickets)(No. of vehicles ‘000)

Phase II West – Average Daily Toll Revenue(RMB ‘000)

# Excludes toll-free trafficN1: Operation commenced on 25 Jun 2010N2: Chinese New Year in 2014 started on 31 Jan 2014 (2013 started on 10 Feb 2013)N3: Holiday Toll-free Policy was implemented for 21 days in FY13, 20 days in FY14, 7 days in 1HFY15N4: Guangzhou Northern Ring Road (westbound) closed for maintenance work from 10 Sep 2014 to 24 Oct 2014, traffic entering Nanya station of the Western Delta Route

has been reduced during the period

0

20

40

60

80

100

120

140


2014

2013

2012

2011

2010

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Jan FebMar AprMayJun Jul AugSep Oct NovDec

20142013201220112010

N2

N1

N3

N3N3

N3

N3

N2

N1

N3

N3 N3

N3

N3

N3N3

N3 N3

N4 N4

N4 N4

B.26

Traffic and toll revenue ramping up robustly 車流量和路費收入均強勢上升

Phase III West 西綫III期

Phase III West – Avg. Daily Traffic# (no. of tickets)(No. of vehicles ‘000)

Phase III West – Average Daily Toll Revenue(RMB ‘000)1HFY14 1HFY15 change

Avg. Daily Traffic 19k 25k ↑32%1HFY14 1HFY15 change

Avg. Daily Toll (RMB) 411k 546k ↑33%

# Excludes toll-free traffic

N1: Operation commenced on 25 Jan 2013N2: Chinese New Year in 2014 started on 31 Jan 2014 (2013 started on 10 Feb 2013)N3: Holiday Toll-free Policy was implemented in FY13 during 9-15 Feb 2013, 4-6 Apr 2013, 29 Apr-1 May 2013; FY14 during 1-7 Oct 2013, 31 Jan-6 Feb 2014,

5-7 Apr 2014, 1-3 May 2014 and FY15 during 1-7 Oct 2014

0

5

10

15

20

25

30

Jan Feb Mar AprMayJun Jul AugSep Oct NovDec

2014

2013

N2

N1N3

0

100

200

300

400

500

600

700

JanFebMarAprMayJun JulAugSepOctNovDec

2014

2013

N3

N3

N3N2

N1

N3

N3

N3

N3

N3N3

N3N3N3 N3

B.27

Phase III West – Profitability Study 西綫III期: 盈利能力研究

Target operating cash flow breakeven (after interest expense payments) in FY16 目標在2016財政年度錄得營運現金流收支平衡 (計及利息支出)

When average daily toll revenue reaches RMB900k即日均路費收入達人民幣90萬元

8.7

5.34.3

5.6

13.2 13.7

0

2

4

6

8

10

12

14

Phase IIIWest

Phase IIIWest

GS Phase IWest

Phase IWest

Phase IIWest

Act

ual

Act

ual

Act

ual

N1: Annualised figure for CY94 (GS started operation on 18.7.94)N2: Annualised figure for CY04 (Phase I West started operation on 30.4.04)N3: Annualised figure

N1

(Target:FY16)

(1st yr:CY1994)

N2

(1st yr:CY2004)

Act

ual

(1HFY15) (1HFY15)

Act

ual

Annual Toll Revenue per km 全年每公里路費收入(RMB’m)

Cas

h flo

w b

reak

even

N3 N3 N3

(1HFY15)

= Avg. daily toll RMB546k

= Avg. daily toll RMB900k

B.28

Future Developments to Benefit Western Delta Route未來發展有利西岸幹道

Healthy GDP growth of Guangzhou, Foshan, Zhongshan and Zhuhai (1Q-3Q 2014: 7.7%-10%)廣州、佛山、中山和珠海的本地生產總值均穩健增長 (2014年第1季至第3季：上升7.7%－10%)

Hengqin in Zhuhai as a new growth hub for business and tourism位於珠海的橫琴成為一個新的商業及旅遊業增長樞紐

Macau Cotai-Hengqin border crossing started 24-hour opening since 18 Dec 2014 自2014年12月18日起，澳門-橫琴口岸實施24小時通關

Chimelong International Ocean Tourist Resort recorded 6.5 million guests in 2014 (soft opened Jan 2014) 長隆國際海洋渡假區在2014年已錄得650萬名遊客 (2014年1月開張試業)

Macau’s new gaming resorts and hotels will increase notably starting 2015* 澳門的新博彩娛樂渡假村及酒店設施將於2015年起顯著增加

WDR will link up with:西岸幹道將連接到：

HK-Zhuhai-Macau Bridge, Guangzhou-Gaoming Expressway, Guangzhou-Zhongshan-Jiangmen Expressway (completion by 2016*)港珠澳大橋、廣明高速公路、廣中江高速公路 (2016年完工)

Humen Second Bridge (completion by 2018*)虎門二橋 (2018年完工)

Shenzhen-Zhongshan Corridor (completion by 2020*)深中通道 (2020年完工)

* According to media

B.29

Sound Financial Plan:Well-arranged Funding for Project穩健的財務計劃: 妥善的項目融資安排

RMB'm RMB'm RMB'm RMB'm

Phase III West 5,980 Not more than 187 100 87PRC bank loansShareholder's loanN3

-Not more than 44

Total Not more than 44N1: Current planning, subject to changeN2: Previous estimate: Phase III West RMB6,150mN3: Will be funded by HHI and PRC partner on a 50:50 basis

As at 31 Dec 2014(JV Level)

PlannedInvestment

EstimatedOutstanding

Project PaymentsAvailable FundingN1 HHI's Injection

N2

HHI corporate level total cash 1,175 less: HHI corporate RMB & HKD loans (956) Net Cash 219 Available committed undrawn banking facilities 564

783* Excluding shareholder's loan receivable from West Route JV of RMB1b

Cash + Available committed undrawn banking facilities*現金 + 現有已承諾及未動用的銀行融資 RMB'm Sufficient funding

for shareholder’s loan to

Phase III West充裕資金支付西綫 III 期的股東貸款

B.30

China Sold 23.5m Vehicles in 2014中國於2014年售出2,350萬輛汽車

13.6

18.1 18.5 19.3

22.0 23.5

0

5

10

15

20

25

30

2009 2010 2011 2012 2013 2014

46%

32% 3%4%

Vehicles Sales in China(No. of vehicles in million)

14%

Source: China Association of Automobile Manufacturers (中國汽車工業協會)

7%

Calendar Year

B.31

Coastal Expressway沿江高速公路

Fully opened: 28 Dec 2013在2013年12月28日全線通車

GS is competitive廣深高速具有競爭力

Connects to populous downtowns and major expressways with 22 toll stations全程設22個收費站，連接多個大城市及主要高速公路

Professional patrol and rescue team 專業的巡邏和救援團隊

About 5% difference in travelling distance (HK to Guangzhou) vs Coastal Expressway (incl. connecting roads at both ends of Coastal Expressway) 由香港至廣州的行程與沿江高速相差約5% (計及沿江高速起點和終點兩端的接駁路)

Same tariff rate as Coastal Expressway與沿江高速的收費費率相同

Coastal ExpyGS Superhighway

Connecting roads to HK & Guangzhou* Toll-free from 28-Dec-13 (full opening) to 31-Jul-14

Opened:mid Jan-2012

(41km)

B.32

End of Presentation

B.33

Supplementary InformationSupplementary Information

B.34

(RMB'M) 30-Jun-14 31-Dec-14 30-Jun-14 31-Dec-14Assets LiabilitiesHHI Corporate Level HHI Corporate Level Bank balances and cash 814 1,175 RMB bank loan 500 500

The Company's shareholder's loan HKD bank loan 198 456 to JV companyN1 1,000 1,000 Other liabilities 10 20

Other assets 16 14 1,830 2,189 708 976

NAV of HHI Corporate 1,122 1,213

GS Superhighway JV (HHI shared portion) GS Superhighway JV (HHI shared portion) Bank balances and cash 133 156 Bank loans

Concession intangible assets 5,920 5,775 - USD 1,411 1,301 Property and equipment 224 226 - HKD 184 171

Other assets 67 27 Other liabilities 698 717

6,344 6,184 2,293 2,189 NAV of GS Superhighway JV 4,051 3,995

West Route JV (HHI shared portion) West Route JV (HHI shared portion) Bank balances and cash 68 114 RMB Bank loans 3,988 4,017

Concession intangible assets 6,726 6,565 Shareholder's loan from the company 500 500 Property and equipment 245 276 Other liabilities 740 641

Other assets 302 293 7,341 7,248 5,228 5,158

NAV of West Route JV 2,113 2,090

Total Liabilities 8,229 8,323 Equity attributable to owners of the Company 7,236 7,248 Minority interests 50 50

Total Assets 15,515 15,621 Total Equity and Liabilities 15,515 15,621

Total NAV 7,286 7,298

Assets and Liabilities – HHI Corporate and JVs資產和負債: 合和公路基建公司層面與合營企業

N1: The Company’s shareholder’s loan was made to the West Route JV for Phase II West as interim financing due to inability of the West Route JV to borrow fromPRC banks for Phase II West before the official approval for its increased investment

B.35

Consolidated Balance Sheet Highlights– Proportionate Consolidation綜合財務狀況表摘要: 比例綜合法入賬

As at 30.6.14 31.12.14 As at 30.6.14 31.12.14RMB'M RMB'M RMB'M RMB'M

Bank balances and cash N1 1,015 1,445 Share of JV debt N2 5,936 5,852 HHI corp 814 1,175 RMB241M JV debt 5,583 5,489 RMB1,472M

- HKD 1 241 - USD 1,411 1,301 - RMB 813 934 - HKD 184 171

- RMB 3,988 4,017 JV 201 270 JV other debt 353 363

S/H loan to Phase II West (RMB1,000m) 1,000 1,000 HHI RMB term loan 500 500 less : Elimination on prop. consolidation (500) (500) HHI HKD bank loan 198 456 Net shareholder's loan to JV 500 500

Other payables 1,093 1,014 Property & equipment 469 502

Total liabilities 7,727 7,822 Concession intangible assets 12,646 12,340

7,236 7,248

Other assets 383 333 Minority interests 50 50

Total assets 15,013 15,120 Total Equity & Liabilities 15,013 15,120

30.6.14 31.12.14Total debt / total assets 44% 45%

Net debt N3 / equity attributable to owners of the Co. 78% 74%

Equity attributable to ownersof the Co.

N1: Included pledged bank deposits RMB268m (31.12.14) and RMB198m (30.6.14)N2: HHI’s share of joint venture’s debts. Majority of the debt has long maturity of over 5 yearsN3: Net debt refers to total debt less bank balances and cash together with pledged bank balances and deposits for HHI corporate level and share of JV

B.36

Breakdown of HHI’s Share of Project Loans* by Currency按貨幣種類劃分的合和公路基建分佔之項目貸款

As at 31 Dec 2014,於2014年12月31日，

USD-based loans: 30% 以美元為計算基礎的貸款：30%

USD loans: 20%美元貸款：20%

HKD loans: 10%港元貸款：10%

RMB loans: 70%人民幣貸款：70%

USD-based30% RMB

70%

* Including HHI’s share of JVs’ bank and other borrowings, together with HHI corporate bank loans of RMB956m, but excluding shareholder’s loan

B.

51%

12%

37%

37

Maturity Profile of Bank and Other Loans銀行貸款和其他借貸的還款期概況

N1: RMB term loan of RMB500m will become due in May 2015 (of which RMB500m had been prepaid out of the RMB1,000m loan drawn as of 30 Jun 2013)

HHI Corporate Level and Share of JV(RMB'M)

30 Jun 2014 31 Dec 2014Repayable within 1 year 781 1,037Repayable between 1 and 5 years 2,300 2,463Repayable beyond 5 years 3,207 2,952

Total 6,288 6,452

As at

N1

N1

Within 1 year

Between 1 and 5 years

Beyond 5 years

As at 30 Jun 2014 As at 31 Dec 2014

46%

16%

38%

B.38

Cash Management 現金管理 RMB deposits to match RMB-based operations & higher deposit rate on RMB vs HKD

人民幣存款以配合人民幣為主的業務及人民幣的存款息率較港幣高

Treasury yield rose from 2.99% (1HFY14) to 3.41% (1HFY15) 利息收益率由2014財政年度上半年的2.99%上升至2015財政年度上半年的3.41%

2.82%

0.38%0.38%

2.86%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Jun-14 Dec-14

HKD 3-month deposit rateRMB 3-month deposit rate

HKDRMB

* Incl. RMB600m bond repayment

Source: Bloomberg & PBOC

0

200

400

600

800

1,000

1,200

As at 30.6.14 As at 31.12.14

Deposit Rate of HKD vs RMB港幣與人民幣存款利率比較

Cash Deposits (HHI Corporate)*現金存款 (合和公路基建公司層面)

(RMB’m)

RMBRMB813m

(99.9%)

HKDRMB1m(0.1%)

814

RMBRMB934m

(79%)

HKDRMB241m

(21%)

1,175

B.39

Exchange Rate Movement匯率走勢

Source: Bloomberg

USD/RMB Exchange Rate 美元兌人民幣的匯率(USD/RMB)

HKD/RMB Exchange Rate 港元兌人民幣的匯率(HKD/RMB)

0.1208

0.1239 0.1251

0.1281

0.1314

0.1370

0.1459 0.1465

0.1464 0.1465

0.1475 0.1515

0.1547

0.1587

0.1574

0.1605 0.1629

0.1651

0.1612 0.1611

0.1614

0.110

0.115

0.120

0.125

0.130

0.135

0.140

0.145

0.150

0.155

0.160

0.165

0.170

20 J

ul 0

530

Dec

05

30 J

un 0

629

Dec

06

29 J

un 0

731

Dec

07

30 J

un 0

831

Dec

08

30 J

un 0

931

Dec

09

30 J

un 1

031

Dec

10

30 J

un 1

130

Dec

11

29 J

un 1

231

Dec

12

28 J

un 1

331

Dec

13

30 J

un 1

431

Dec

14

14 J

an 1

5

0.9397

0.9609 0.9715

0.9965

1.0270

1.0688

1.1375 1.1358

1.1346 1.1358

1.1485

1.1749

1.2039

1.2339

1.2209

1.2439

1.2638 1.2808

1.2494 1.2497

1.2513

0.85

0.90

0.95

1.00

1.05

1.10

1.15

1.20

1.25

1.30

20 J

ul 0

530

Dec

05

30 J

un 0

629

Dec

06

29 J

un 0

731

Dec

07

30 J

un 0

831

Dec

08

30 J

un 0

931

Dec

09

30 J

un 1

031

Dec

10

30 J

un 1

130

Dec

11

29 J

un 1

231

Dec

12

28 J

un 1

331

Dec

13

30 J

un 1

431

Dec

14

14 J

an 1

5

2% RMB appreciationon 21.7.2005

(HKD0.9575/RMB1)

2% RMB appreciationon 21.7.2005

(USD0.1233/RMB1)

B.40

Step-up of PRC Income Tax^中國利得稅的增加

Phase II West income tax rate maintains at 12.5% from 2013 to 2015 西綫 II 期的利得稅率由2013至2015年維持在12.5%的水平

Phase III West is exempted from income tax from 2013 to 2015 西綫 III 期由2013年至2015年獲豁免利得稅

Source: 國務院關於實施企業所得稅過渡優惠的通知，HHI

^ Announced in Mar 2007 and effective from 1 Jan 2008* Enjoying tax holiday** Previous terminal tax rate was 18%

Income Tax Rate Sino-foreignJV in PRC

FY09

FY13

FY14

FY09

FY10

FY09

FY14

FY12

FY13

FY14

FY11

FY13

FY15 FY15CY2015

CY2008

CY2009

CY2010

CY2011

9%

10%

22%

CY2013

CY2014 25%12.5%

24%24%

FY13

FY140%

FY12FY12

18%

20%

22%11%

24%

CY2012

FY10FY10

FY11FY11

FY15

FY16

Phase III WestGSSuperhighway Phase I West Phase II West

0%

FY16

9%

10%

CY2019 onwards

FY17

FY18

FY17

FY18CY2017

CY2018

CY2016FY16

FY17

FY18

FY15

FY16

FY17

FY1812.5%

* *

*

*

*

* *

**

25%(until end

of JV)

25%(until end

of JV)

25%(until end

of JV)

*

*

25%(until end of JV)

B.41

GS Superhighway – Classes 1, 4 & 5 Traffic 廣深高速公路: 一、四及五類車流量

Class 1 – traffic 1% yoy2015財政年度上半年，一類車的車流量按年下跌1%

Accounted for 75.8% of GS’ traffic佔廣深高速車流量的75.8%

Classes 4 and 5 – traffic 1% yoy四類及五類車的車流量按年下跌1%

307 320 335 350 348

0

50

100

150

200

250

300

350

400


26 28 29

31 31

0

10

20

30

40


Class 1 – Average Daily Traffic (FY12-1HFY15)(No. of vehicle ‘000)

Classes 4&5 – Average Daily Traffic (FY12-1HFY15)(No. of vehicle ‘000)

Coastal Expyfully opened28 Dec 2013Tariff cut starting

1 Jun 2012

Coastal Expyfully opened28 Dec 2013

B.42

GS Superhighway – Traffic by Class of Vehicles廣深高速公路: 按車輛類別劃分的車流量

Note: Holiday Toll-free Policy was implemented for 21 days in FY13, 20 days in FY14, 7 days in 1HFY15

74.6% 76.4% 74.9% 75.4% 75.8%

2.6% 2.2% 2.6% 2.3% 2.0%

15.6% 14.9% 15.8% 15.8% 15.5%

1.7% 1.6% 1.6% 1.7% 1.8%4.9%4.9%5.0%4.9%5.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FY11 FY12 FY13 FY14 1HFY15

Class 5

Class 4

Class 3

Class 2

Class 1

GS – Traffic by Class of Vehicles

B.43

GS Superhighway vs Tunnels in HK– Average Daily Cross Sectional Traffic (per lane)*廣深高速公路對比香港的隧道: 日均斷面車流量 (每車道)

GS’ busiest section is similar to Eastern Harbour Crossing廣深高速最繁忙路段與東區海底隧道相若

No. of vehicles per lane

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

0:00

1:00

2:00

3:00

4:00

5:00

6:00

7:00

8:00

9:00

10:0

0

11:0

0

12:0

0

13:0

0

14:0

0

15:0

0

16:0

0

17:0

0

18:0

0

19:0

0

20:0

0

21:0

0

22:0

0

23:0

0

Time

Cross Harbour TunnelEastern Harbour CrossingWestern Harbour CrossingGS Superhighway - peak section (busiest)GS Superhighway - average

Remarks:* Data being processed, only for demonstration purpose1) Effective hour = average daily cross sectional traffic per lane / 2,000 vehicles per hour2) Average daily traffic distribution pattern of HK tunnels reference to "The Annual Traffic Census - 2013", Transport Department, The Government of HKSAR3) Average daily traffic of HK tunnels (Dec 13): Cross Harbour Tunnel 117,000, Eastern Harbour Crossing 73,000, Western Harbour Crossing 65,0004) Average daily traffic of GS Superhighway (Dec 14)

Effective hours14.69.15.49.67.7

B.44

GS Superhighway - Proactive Traffic Management廣深高速公路: 主動的交通管理

Proactively monitors traffic flow and adopts effective measures to raise efficiency 主動監察車流量及採取有效措施以提高效率

HezhouFuyong

WudianmeiTaiping

widenedfrom 3x3 to 5x5

(Jun-11)

widenedfrom 4x4 to 5x5

(May-12)

Locations位置

Status of Widening擴寬狀況

Hezhou to Fuyong(~2 km)鶴州至福永 (約2公里)

Already widened from 3x3 to 4x4 in 2003 已在2003年完成由雙向共六車道擴寬至雙向共八車道

Wudianmei to Taiping (3.5km)五點梅至太平 (3.5公里)

Already widened from 3x3 to 5x5 in Jun 2011 已在2011年6月完成由雙向共六車道擴寬至雙向共十車道

Hezhou to Fuyong(~2 km)鶴州至福永 (約2公里)

Already widened from 4x4 to 5x5 in May 2012已在2012年5月完成由雙向共八車道擴寬至雙向共十車道

B.45

Measures to Control Operating Costs and Enhance Operational Efficiency控制營運成本及提高經營效率的措施

Automation on GS廣深高速推行自動化

~60% toll lanes at entrance have Electronic Toll Collection (“ETC”) or automatic card-issuing machines約60%的入口車道已設置電子不停車收費系統或自動發卡機

Energy Saving on GS廣深高速實行能源節省措施

LED lights installed at all toll plazas and along entire main alignment在所有收費廣場及整條主線安裝LED照明燈

B.46

Western Delta Route – Average Daily Full-Length Equivalent Traffic西岸幹道 (西綫I、II及III期): 日均折合全程車流量

Total distance travelled by all vehicles on the expresswayFull length of the expressway X no. of days in the review period* =

3631

0

10

20

30

40

50

1HFY14 1HFY15

WDR – Avg. Daily Full-Length Equivalent Traffic*(No. of vehicle ‘000)

▲15%

4541

01020304050

1HFY14 1HFY15

Phase I – Avg Daily Full-Length Equiv. Traffic*(No. of vehicle ‘000)

▲10%

4843

01020304050

1HFY14 1HFY15

Phase II – Avg Daily Full-Length Equiv. Traffic*(No. of vehicle ‘000)

▲12%

1914

01020304050

1HFY14 1HFY15

Phase III – Avg Daily Full-Length Equiv. Traffic*(No. of vehicle ‘000)

▲35%

B.47

Western Delta Route – Traffic by Class of Vehicles西岸幹道 (西綫I、II及III期): 按車輛類別劃分的車流量

66.2% 70.6% 70.7%72.6% 74.3%

4.6%3.7% 3.6% 3.3%

3.0%20.0% 17.3% 18.0%

17.9% 16.9%2.2% 1.8% 1.7% 1.7% 1.6%7.0% 6.6% 6.0% 4.6% 4.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Class 5

Class 4

Class 3

Class 2

Class 1

Western Delta Route – Traffic by Class of Vehicles


B.48

Phase I West – Traffic by Class of Vehicles西綫I期: 按車輛類別劃分的車流量

64.3%71.2% 70.8% 72.5% 74.4%

4.3%3.7% 3.7% 3.4%

3.1%20.3%17.6% 17.3% 16.8% 15.8%

2.6%2.3% 2.1% 2.0% 1.9%8.5%5.3% 6.1% 5.4% 4.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Class 5

Class 4

Class 3

Class 2

Class 1

Phase I West – Traffic by Class of Vehicles


B.49

Phase II West – Traffic by Class of Vehicles西綫II期: 按車輛類別劃分的車流量

73.3% 72.9% 72.9% 74.8% 76.4%

4.3% 3.4% 3.4% 3.1%2.8%

16.7% 15.7% 16.8% 16.7%15.7%

1.3% 1.2% 1.3% 1.4%1.3%3.8%4.1%5.6%6.8%4.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Class 5

Class 4

Class 3

Class 2

Class 1

Phase II West – Traffic by Class of Vehicles


B.50

Phase III West – Traffic by Class of Vehicles西綫III期: 按車輛類別劃分的車流量

78.3% 76.2% 77.0%

2.9% 2.8% 2.7%

13.9% 15.3% 14.7%

1.1% 1.4% 1.3%4.3%4.3%3.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FY13 FY14 1HFY15

Class 5

Class 4

Class 3

Class 2

Class 1

Note: - Operation commenced on 25 Jan 2013- Holiday Toll-free Policy was implemented for 13 days in FY13, 20 days in FY14, 7 days in 1HFY15

Phase III West – Traffic by Class of Vehicles

B.

The Complete Network – 2016 2016年:完整的道路網絡

GS1994

Phase I West2004

Phase II West2010

Phase III West2013

Phase IV West(Gov’t Project)

2008

HK-Zhuhai-Macau Bridge

(Gov’t Project)2016

HZM BridgeConnecting Roads

(Gov’t Project)2016

Other Expressways (In Operation)

Other Expressways (Under Construction or Planning)

Main Roads / Class 1 Highways (In Operation)

Main Roads / Class 1 Highways (Under Construction or Planning)

Kowloon-Canton Railway

Guangzhou-Shenzhen-HK Express Rail Link

Guangzhou-Zhuhai Intercity Railway

Coastal Expressway

Legend:

B.51

B.52

Construction Timeline 工程進度時間表 With completion of Phase III West, total length of toll expressways invested by HHI

expanded by about 20% to around 220km西綫 III 期建成後，合和公路基建投資的收費高速公路總長度增加約20%至約220公里

52* Present planning, subject to changeSources: Company, Newspaper

CY

Phase I West(HHI 50%)

Phase II West(HHI 50%)

Phase III West(HHI 50%)

CY

HK-Zhuhai-MacauBridge*(Gov't project)

HZM BridgeConnecting Roads*(Gov't project)

2008 2009 2010 20112004 2005 2007

2002

2001 2002 2003 2013 2014 2015 20162012

2007 2009 2010 20112008 2014 2015 20162012 2017

2017

Phase IV West(Gov't project)

20132001 2006200520042003

2006

construction

construction

construction

construction

construction

construction

Operation (started Apr 2004)

Operation (started Jun 2010)

Operation(started Jan 2013)

Operation (started Apr 2008)

Operation(planned start:

2017)

Operation(planned start:

2017)

HHI Projects

Non-HHI Projects

B.53

HK-Zhuhai-Macau Bridge: Construction Progress(Government’s Project to be completed by end 2016*)港珠澳大橋 (政府項目將在2016年底建成): 工程進度概況

Shorten traveling time between Zhuhai and HK to 30 minutes from 4 hours by land or over one hour by sea 從珠海至香港的陸路交通時間由4小時 (或船程逾1小時) 縮短至30分鐘

* According to media, over 50% of the bridge’s main part of construction was completed as of Oct 2014Source: Hong Kong-Zhuhai-Macao Bridge official website http://www.hzmb.org/Last updated: Jan-2015

Reinforcing Steel Bar Installationat Artificial Island

Reclamation of Zhuhai-Macau Artificial Island completed Reclamation along the east coast of airport island

Tunnel Element Installation Pies Bridge installation completed

B.54

Coastal Route116km

connecting roads to HK & Guangzhou

GS Superhighway122.8km

Coastal Expressway– Comparable Travel Distance to GS Superhighway 沿江高速公路: 與廣深高速公路的行駛里程相近

89km Coastal Expressway: middle part of the route between HK and Guangzhou 89公里的沿江高速公路：位於香港與廣州之間的中間路段

Travel via Coastal Expressway between HK and Guangzhou: around 116km經沿江高速公路往來香港及廣州：約116公里

Including connecting roads at both ends of Coastal Expressway計及沿江高速起點和終點兩端的接駁路

About 5% difference vs GS與廣深高速公路相差約5%

B.55

GS Superhighway vs Coastal Expressway廣深高速與沿江高速公路

B.

1) Standardization of Tariff for Expressways統一高速公路的收費標準

No change in basic toll rate at RMB0.6/km基本收費率人民幣0.6元/車公里將維持不變

Reduction in multipliers for Classes 2, 3, 4 and 5降低二、三、四及五類車的收費系數

Insignificant impact on Phases I and II West (new tariff since opening) 對西綫 I 及 II 期的影響輕微 (自開通後已採用新路費)

2) Toll Distance between entry/exit plaza互通立交匝道里程的收費計算

50% cut in the toll distance between the entry/exit plaza and the junction of the entry ramp/exit ramp with the main alignment高速公路主綫的進出口匝道接合點至出入口收費廣場之間的路段之收費長度，將減少50%計入收費里程

3) Tariff rounding收費標準以四捨五入計算

Tariff will be rounded up/down to the nearest yuan收費標準以一元為單位四捨五入取整

56

Tariff Cut in Guangdong since 1 Jun 2012廣東省自2012年6月1日起實施路費減價

Old調整前

New調整後

Old調整前

New調整後

Change變動

1 1 1 0.6 0.6 0%2 2 1.5 1.2 0.9 -25%3 3 2 1.8 1.2 -33%4 4 3 2.4 1.8 -25%5 4.5 3.5 2.7 2.1 -22%

Multiplier收費系數

Toll Rate (RMB/km)收費費率 (每公里人民幣)Class

車類

B.57

State Council issued notice on Holiday Toll-free Policy for all provinces on 2 Aug 2012在2012年8月2日，國務院公布在各省份執行節假日免費通行方案

Commenced since National Day in Sep/Oct 2012自2012年9月 / 10月國慶節開始實施

Implemented on small passenger cars with 7 or fewer seats for 7 days during 1HFY15 (vs 7 days in 1HFY14)於2015財政年度上半年有7日實施免收7座位或以下的小型乘用客車通行費 (2014財政年度上半年共實施 7日)

Holiday Toll-free Policy節假日免費通行方案

N1: Including motorcycles permitted on toll roads

Time period 假日時段

Major statutory holidays: 20 days in a year重大法定節假日：每年20日

Lunar New Year, Ching Ming Festival, Labour Day, National Day農曆新年、清明節、勞動節、國慶節

1st day of holiday (00:00) – last day of holiday (24:00)節假日第一天 (零時零分) 至節假日最後一天 (午夜12時正)

Vehicles車類

Small passenger vehicles 7 seats N1 7座位或以下的乘用客車

B.58

Guangdong Province Toll Integration(Implemented since 29 Jun 2014)廣東省聯網收費方案(2014年6月29日起實施)

All adjacent expressways in Guangdong are connected without toll stations in-between 廣東省所有鄰接的高速公路相互連接，中途不設收費站

Increase traffic smoothness and tolling efficiency 提升交通暢順度及收取路費的效率

Toll system upgraded with radio frequency identification technology or “RFID”收費系統已升級至無線射頻辨識技術或“RFID”

B.59

Guangdong Province Toll-by-weight Scheme(Implemented since 29 Jun 2014)*廣東省計重收費方案 (2014年6月29日起實施)

Implemented on trucks in all toll expressways in Guangdong 廣東省所有高速公路對貨車實施計重收費方案

Insignificant impact on GS and West Route 對廣深高速和西綫的影響輕微

Traffic and toll revenue received from trucks remained at stable level in 1HFY15 在2015財政年度上半年，貨車的車流量和路費收入維持在穩健的水平

Help reduce number of overloaded trucks and damages caused 有助減少超載貨車數目和降低對高速公路的損耗

* Central District, where GS & WDR situate, implemented toll-by-weight since 29 Jun 2014, following Northern District in 2009 andEastern & Western Districts in 2011

B.60

China – World’s Largest Vehicle Sales Market in 2014中國在2014年是世界最大汽車銷售市場

China has been the world’s largest vehicle sales market since 2009 自2009年起，中國已是世界最大的汽車銷售市場

* Include passenger and commercial vehicles, but exclude motorcyclesSource: CAAM, CEIC , Thomson Reuters & various car manufacturer associations

23.5

16.8

22.0

15.9

5.43.8 3.3 3.2 3.0 2.6 2.2 1.8 1.6

0

5

10

15

20

25

30

China U.S.A. China U.S.A. Japan Brazil Germany India Russia U.K. France Canada China

1st 2nd 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th

2014 2013 1994

Motor Vehicle* Sales (Top 10 Countries)(No. of vehicles in million)

7% yoy

ChinaChina1stRanking:

China1st

B.61

Steady Growth in PRC & Guangdong Car Population中國及廣東省汽車數目增長穩定

* Incl. passenger & commercial vehicles but excl. motorcycles & truckers

Driven mainly by passenger car sales 主要由乘用客車銷售帶動

Source: Statistics Bureau of Guangdong (www.gdstats.gov.cn), National Bureau of Statistics of China (www.stats.gov.cn), China Association of Automobile Manufacturers (www.caam.org.cn), CEIC

78,018

93,563

26,93731,597

36,97443,584

50,996

62,806

126,701

109,331

23,829

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2,5803,054

3,7734,305

5,0675,750

6,602

7,835

9,121

10,385

11,800

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,00011,00012,000

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Guangdong’s Total Motor Vehicles*廣東省汽車總數

(No. of Vehicles ‘000)

PRC’s Total Motor Vehicles*中國汽車總數

(No. of Vehicles ‘000)

B.62

Strong Correlation between GS Traffic and Guangdong GDP廣深高速的車流量與廣東省本地生產總值的顯著關連性

Source: Guangdong Statistics Bureaus, GD Statistical Yearbooks, CEIC and Company data

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

0

100,000

200,000

300,000

400,000

500,000

600,000Guangdong GDPGS Average Daily Traffic

* A section of the GS Superhighway’s Xintang to Dongguan toll station (approximately 22.2km) was closed for maintenance/improvement worksfrom 18 Oct 2007 to 9 Jul 2008

*

Guangdong GDP and GS Traffic GDP (RMB’bn) Traffic (unit)

B.63

End

Interim Results 2014/15 · 2019-06-11 · Presentation slides are available on 26 January 2015...

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Transcript of Interim Results 2014/15 · 2019-06-11 · Presentation slides are available on 26 January 2015...